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Charts

Blue area is where I think you'll have to decide bull or bear. Take note of possible head and shoulders with right shoulder top having a nice confluence with some fib levels. A sustained break over this area might invalidate the pattern and lead to a higher high. Price has already paused at the daily pivot and the first two fib levels. I'll look for a breakout going into the London session out of the blue decision area. If it doesn't get to the decision area then I'll trade the breakout of the red tl or sell the first pullback. Initial targets will depend on how and when price get to these areas. Trade well.

Oh yeah, forgot to mention the psych level of 1.4 sitting right in the middle of the blue decision area. A lot of nice confluence of levels.

[ March 08, 2011, 12:34 AM: Message edited by: Lonestar ]

Just because you've made up your mind about something doesn't mean you should stop listening.

Charts

Played out nicely. It never made it to my make or break zone but instead got rejected almost to the pip at a retracement level from the prior move signaling downward pressure and then crashed through my short breakout level. I closed my shorts at 1.3907 (pivot and psych level) and will see how price reacts at this level to look for my next trade. Might see a retrace, not sure yet. Hopefully some of you caught the move. It wasn't difficult to see it coming.

[ March 08, 2011, 08:40 AM: Message edited by: Lonestar ]

Just because you've made up your mind about something doesn't mean you should stop listening.

Charts

From earlier today. Price tried to get close to Friday's swing high after the open but couldn't make it and retraced back to the first fib level creating a triangle (an inside bar was showing on the hourly) which happen to coincide with the Australian open nicely making it a perfect breakout trade, which was taken. Since I don't trust these type of early moves especially with all the news and events going on I decided to scale out at first support and trail my stops. Fortunately that turned out to be the right call.

Would have liked to post this prior to taking the trade but only saw it while looking through some charts a matter of minutes before the breakout.

I have a e/u short from 1.3938 but took half off at +12 pips and moved the stop to b/e. My initial thoughts were first target around 1.39 but not liking what price is doing, or not doing, right now. We'll see.

If you have charts, post them. Preferably upcoming setups with analysis or how you handled a current trade. It would be nice to have a thread on this forum where people actually discussed trading.

Just because you've made up your mind about something doesn't mean you should stop listening.